Synthetic dollar provider Ethena has observed an approximate 60% increase in the value of its governance token, ENA, over the past week due to positive updates to its protocol.
Updates to the Protocol
According to CoinGecko data, the value of ENA rose from 28.5 cents on October 9 to 45.6 cents early Tuesday. During this period, ENA outperformed cryptocurrencies like Bitcoin (BTC) 
$90,928 and Solana 
$234 (SOL).
Recent news about ENA includes governance members considering a proposal to include SOL as the backing asset for Ethena’s synthetic dollar, USDe. Additionally, on October 10, Ethena Labs announced plans to invest approximately $46 million from the protocol’s reserve fund into four real-world asset products: BlackRock and Securitize’s BUIDL, Sky’s USDS, Mountain’s USDM, and Superstate’s USTB.
Changes in Token Trading
According to blockchain analysis firm Nansen, the number of ENA tokens available on all exchanges, including Binance, increased from approximately 606 million on October 8 to 653 million at press time. This rise indicates a higher trading volume for ENA. Notably, Binance experienced a $16.3 million increase in ENA tokens over the past week, while Uniswap saw a decrease of over $1 million in ENA tokens.
As per DefiLlama data, Ethena ranks among the top 10 protocols in the decentralized finance ecosystem, with a total locked value of $2.43 billion.
The use of ENA tokens in Ethena’s governance process allows token holders to delegate decision-making regarding significant aspects of the ecosystem to expert stakeholders, ensuring transparency throughout the process.
With these steps in governance and investment strategies, Ethena aims to strengthen its position within the ecosystem. The rapid rise of Ethena’s ENA token signals positive expectations regarding the protocol’s future among users and stakeholders.
